Baatar D. is a 40 year old retired man and he is engaged in running a small, successful business . He lives with his wife in Huvsgul province, in western Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. He has been making wooden items since the age of 17. But in 2005, Baatar began his carpentry business in cooperation with a local construction company making wooden furniture while his wife started sewing clothing in their home town. Baatar is a very hard working, productive and initiative person. Baatar wants to create his own workplace in his town and enlarge his carpentry operation as well as developing his wife's sewing business and provide her with necessary materials and supplies. He is requesting a loan of 500,000 MNT to purchase more wood and timber for his business and supplies for his wife's sewing business.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.